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What role does the leader of a brainstorming session have?
Income Summary
A temporary account used in closing revenue and expense accounts.
Closing Entry
Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts.
Financial Statements
Documents that provide an overview of a company's financial condition, including balance sheet, income statement, and cash flow statement.
Proprietorship
A business owned by a single individual who is responsible for its assets and liabilities.
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